TPEX to hold HK conference
The Taipei Exchange (TPEX) yesterday said it is organizing a large overseas investors’ conference to attract more foreign institutional investors. Joining forces with Capital Securities Corp (群益金鼎證券), one of the nation’s largest securities houses, TPEX is to hold a two-day investor conference in Hong Kong on Thursday and Friday next week covering 17 companies listed on the local market, TPEX said. Representatives from a wide range of industries are to hold about 270 separate meetings with interested foreign institutional investors at the event, the exchange said. Foreign institutional investors that attend the meetings run investment funds worth about US$580 billion. After the conference in Hong Kong, the TPEX plans to hold similar events in Japan and Malaysia. Foreign institutional investors accounted for 22.6 percent of the market’s total value last year.
QST to acquire Chinese unit
QST International Corp (恒耀), which produces and distributes fasteners, yesterday said it would spend US$64 million to acquire its Chinese subsidiary Boltun BVI Corp to simplify its management structure. QST has a 55 percent stake in the Chinese unit, which last year generated revenue of 770 million yuan (US$122.7 million) and a net profit of 125.16 million yuan, company data showed. The acquisition is to be complete in the third quarter of this year, QST said in a filing with the Taiwan Stock Exchange. The fastener maker said in a separate filing that it is planning to take out a syndicated loan of between NT$2 billion and NT$3 billion (US$68.6 million and US$102.9 million).
FET unveils new rate plans
Far EasTone Telecommunications Co (FET, 遠傳電信) yesterday unveiled new rate plans for subscribers, who can get free membership at Fitness Factory (健身工廠) or free training programs. FET hopes the new offering would help boost average revenue per user. FET subscribers can choose to sign a service contract with a minimum monthly fee of NT$599, NT$999 or NT$1,399 for 30 months. Most telecoms used to subsidize the price of handsets to retain users, but they have shifted their subsidies to purchases of items beyond mobile phones. Hair dryers, Dyson vacuum cleaners and Gogoro electric scooters are all on FET’s subsidy list.
Shining opens Nanjing hotel
Shining Group (鄉林集團), the parent group of The Lalu (涵碧樓), a luxury hotel brand, yesterday opened a new property in Nanjing, China, as it seeks to boost its presence in the Chinese market and on the world stage. The Lalu Nanjing is the brand’s third outlet after the Lalu Sun Moon Lake in Nantou County and a property in China’s Qingdao. Shining Group chairman Lai Cheng-yi (賴正鎰) said the group is separating its property development from its hospitality business as the latter grows in scale and earnings contribution. The hospitality arm next plans to open an outlet in Chengdu and is mulling a Chinese initial public offering.
Yieh Phui proposes dividend
Yieh Phui Enterprise Co (燁輝) yesterday said its management team has proposed distributing a cash dividend of NT$0.2 based on last year’s net profit of NT$1.37 billion, or earnings per share of NT$0.75. The firm plans to hold its annual shareholders’ meeting on June 21 to discuss the dividend proposal. Yieh Phui shares yesterday edged up 0.47 percent to close at NT$10.8 in Taipei trading.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.